Quintain announces completion of landmark deal for the regeneration of Greenwich Peninsula (UK)

Quintain today announced the successful completion of all commercial contracts and planning agreements for the £5 billion, 20-year regeneration of 190 acres on the Greenwich Peninsula, London.

These agreements have been signed between Meridian Delta Ltd (the joint venture company comprising Quintain and its partner, Lend Lease); the United Kingdom’s national regeneration agency, English Partnerships; Anschutz Entertainment Group (who will fund, develop and operate a new world-class Arena inside the Millennium Dome); and the London Borough of Greenwich.

Infrastructure works needed to prepare the site are expected to begin later this year and the development will continue over the next 20 years, with construction of the Arena and the first homes on the Peninsula anticipated to commence in Spring 2005 and 2006, respectively.

The landmark regeneration scheme, one of the largest ever in the United Kingdom, will provide:

Over 10,000 new homes, with 38% affordable, key worker and special needs homes

An estimated 24,000 permanent and 4,000 construction jobs contributing not just to the local economy but to the wider Thames Gateway region

An estimated 340,000 sq m of commercial space

Approximately 33,000 sq m of retail provision

A new 20,000 seat capacity entertainment and sports Arena inside the Dome

A further 62,000 sq m of entertainment and leisure space around the Arena inside the Dome

A new hotel to complement the Arena and other leisure uses in the Dome.

Adrian Wyatt, Chief Executive of Quintain Estates and Development plc, part of Meridian Delta Ltd said: “This rapid progress through the planning system has only been possible by the constructive partnership between the private sector and local, regional and national Government. With a strong shared vision, there has been real momentum to deliver a new community on the Greenwich Peninsula and we are now able to turn this vision into reality”.

Bert Martin, Director of Lend Lease and Meridian Delta Ltd, said: 'We are determined that the Greenwich Peninsula will set new benchmarks in urban mixed use development and become one of London&acute;s finest districts, providing a unique blend of entertainment, business, residential and community uses - an exceptional place to be.
To maintain the considerable momentum now established, works including infrastructure and construction of major new public spaces will commence later this year, as part of our planned pipeline of activity in the lead up to the first residential development.'